Jay B. Ledford, Kevin B. Merrill and Cameron R. Jezierski – Goodman & Nekvasil P.A. May Recover Investor Losses
Securities and Exchange Commission Charges Kevin B. Merrill, Jay B. Ledford and Cameron R. Jezierski
-Update 3/11/20-
The Securities and Exchange Commission filed a subpoena enforcement action against Michael Staisil of New York, New York, seeking an order directing him to comply with an investigative subpoena for testimony.
According to the SEC’s application, filed in U.S. District Court for the Southern District of New York, the SEC’s investigation concerns an alleged Ponzi-like scheme that raised over $345 million from over 230 investors across the United States. On September 13, 2018, the SEC filed an emergency action in federal district court in Baltimore, Maryland against Kevin Merrill, Jay Ledford, Cameron Jezierski, and certain entities owned or controlled by Merrill or Ledford to halt the scheme. In its ongoing investigation, the SEC has reason to believe that Staisil may have worked on behalf of Merrill in raising millions of dollars from numerous individual and institutional investors. The SEC is investigating whether Staisil engaged in deceptive or other unlawful conduct in raising money from those investors.
According to the SEC, this matter involves an offering fraud by Defendants Kevin B. Merrill, Jay B. Ledford and Cameron Jezierski that raised more than $345 million from over 230 investors to purportedly purchase consumer debt portfolios. According to the SEC, from at least 2013 to present, Defendants operated this Ponzi-like scheme that involved, among other things, securities offerings rife with misrepresentations, fake debt, forged signatures, fabricated wire transfers, the movement of millions of dollars into personal accounts, and an elaborate scheme wherein Defendants offered and sold investments in the same (and often fictitious) debt and/or debt portfolios, to multiple victims.
According to the SEC, touting their purported expertise in collecting on and reselling consumer debt, Kevin Merrill and Jay Ledford, through a web of entities they owned and/or controlled, including Defendants Global Credit Recovery, LLC; Delmarva Capital, LLC; Rhino Capital Holdings, LLC; Rhino Capital Group, LLC; DeVille Asset Management LTD; and Riverwalk Financial Corporation (collectively, “Entity Defendants”), offered and sold securities to investors with the promise of significant profits. According to the SEC, Defendants used these and a total of approximately 30 interrelated corporate entities and over 55 bank accounts to move investor money, deceive investors, and continue their Ponzi-like scheme that has survived only with the influx of greater and greater sums of cash.
According to the SEC, of the $345 million raised, more than $90 million was invested by over 200 individual investors; approximately $52 million by family offices; and nearly $203 million by feeder funds, largely made up of groups of individuals. According to the SEC, these investors included small business owners, restaurateurs, construction of contractors, retirees, doctors, lawyers, accountants, bankers, talent agents, current and former professional athletes, and financial advisors.
All our cases are handled on a purely contingency fee basis by Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA. Kalju Nekvasil, Esq. has practiced in this area of the law for more than 35 years.
There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Keywords: Delmarva Capital, Global Credit Recovery, Rhino Capital Group, Deville Asset Management, Riverwalk Financial, Kevin Merrill, Jay Ledford, Cameron Jezierski, SEC, Investment, Goodman and Nekvasil, Ponzi Scheme